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"We created Galaxy Fold for those that want to experience what a premium foldable device can do, beyond the limitations of a traditional smartphone," said DJ Koh, chief executive of Samsung Electronics, at the Galaxy Unpacked event in San Francisco today.

Samsung had to develop new manufacturing processes for the phone's hinge, which has multiple interlocking gears to allow it to withstand being opened and closed hundreds of thousands of times.

As well as the flexible display, the Galaxy Fold (previously known as the Galaxy X) comes equipped with six camera lenses - three on the back, two on the inside and one on the cover - and a fingerprint scanner on the side for unlocking the device.

The internal components, including two battery cells, are evenly distributed across the two halves of the device, so the Galaxy Fold feels balanced in your hands, according to Samsung.

While the rest of Samsung's new range will be available to buy from £669 in early March, you'll need to wait until May 3 for the fold. Although pre-registration has already opened on the Samsung website if you want to be first to know when it goes on sale.

The world's largest mobile phone maker hopes the new devices will help it compete against rivals such as Apple and Huawei, both of which sell premium smartphones.

While Huawei gained market share last year, the entire smartphone industry saw device sales fall, as the Chinese economy struggled toward the end of the year.

Koh said the aim of the launch was to "to recharge growth for our industry."

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